Clear Channel acquired struggling Thumbplay subscription service

Clear Channel, where Bob pittman has landed in his capacity as President of media and entertainment platforms, has paid an undisclosed sum to acquire struggling Thumbplay music subscription business.

Pittman said The Hollywood Reporter on Tuesday that he is not interested in existing business that has just bought from Thumbplay; He wants "their technology platform, people and the commercialization of technology"

The plan is to use everything in favor of Internet initiatives of Clear Channel radio.

"Listening to digital is only 3 percent of all radio listening," said Pittman. "Strategically, we want to get well ahead and lead opportunities in digital, rather than being late for the party."

As a former Executive at AOL during his heyday, soon be digital parts is one of the strengths of Pittman, much to the dismay of investors of Time Warner, who has looked at him and the rest of the management of AOL buy their company for a loaf of breada decade ago.

Clear Channel is expected to absorb all 65 employees of Thumbplay music service, and Pittman says that the service will be integrated into the IHeartRadio service, Clear Channel which boasts 750 radio stations online and 25 million monthly users.

Pittman did not comment on the purchase price, although published reports suggest that it was about 41 million dollars. Pittman said it is seeking additional acquisitions.

"We are a mainstream media that hopefully is moving at a start-up," he said. "We look at three ways to get what we need: make, buy or partner. Look at what is cheaper, but what moves us forward faster. Thumbplay moves us forward, so it was a bargain. "